Farjallah succeeds de Margerie as Middle East head at Crédit Agricole’s Indosuez
Indosuez Wealth Management, the recently re-branded private banking arm of Crédit Agricole, has named François R Farjallah to succeed Bertrand de Margerie as global head of its Middle East operations.
De Margerie has moved elsewhere within the company, a spokesperson said.
Farjallah, pictured, will be based in the Indosuez regional hub in Switzerland. The company says its Middle Eastern business is primarily handled out of these offices as well as through outposts in the United Arab Emirates (both in Dubai and Abu Dhabi), and in Beirut.
Farjallah, pictured, comes to Indosuez from Société Générale Private Banking, where he spent the past nine years “in various senior executive roles across Switzerland, Luxemburg, Greece, and the United Arab Emirates”, according to a Crédit Agricole spokesperson.
Prior to this, between 1998 and 2007, he held numerous senior roles at Credit Suisse across Switzerland and the Middle East’s Levant region.
Farjallah, who is described as an international wealth management specialist, holds an MBA from HEC Geneva and an executive MBA from Pittsburgh, Pennsylvania-based Carnegie Mellon University.
As reported, Crédit Agricole Private Bank s re-branded earlier this year as Indosuez Wealth Management, reviving a historic name in what the company described at the time as a major transformation aimed at tapping into new markets in Asia and across the globe.
Paris-based Crédit Agricole had originally dropped the Indosuez name from use after its 2004 merger with Crédit Lyonais and Indosuez. Eleven years on, however, the regional connotations of “Indosuez” are seen more likely to appeal to the new generations of wealthy individuals in countries around the world, the bank said.
The Indosuez name dates back to Banque de l’Indochine, which was founded in 1875 in Paris, to operate in French Indochina, the rest of Asia, and the Pacific.
In the Middle East, the company traces its roots back to 1931 in Lebanon, and 1949 in the Arabian Gulf states.
Today, Indosuez Wealth Management has 30 offices in 14 countries, serving high-net-worth and ultra-high-net-worth clients worldwide, and manages client assets that totalled €110bn (US$119.58bn, £83.60bn) at the end of December, Crédit Agricole said.